For most of her 15 years in Singapore , Amy Nguyen, a creative designer from Vietnam , has been living in rental properties.
Convenience and location weren't the only factors, however. Staying at Coliwoo, the co-living space, sets Nguyen and her husband back $1,800 per month. A one-bedroom unfurnished flat in Kovan, a neighbourhood on the city's fringes, costs more than $2,000 in monthly rent. Its founder Fang Low said only 60 per cent of its apartments were filled at the height of the Covid-19 pandemic, when Singapore's borders were closed. "Right now, we are so full," he said. "We have a wait-list of a lot of people. The market has really turned."
At Coliwoo - which owns nine co-living properties across Singapore - the occupancy rate has surpassed 97 per cent. Enquiries from foreigners, who make up 70 per cent of residents, have increased threefold since the city states relaxed its border rules. "Aside from financial considerations, we have noticed that expats are also increasingly keen on finding out more about the innovative concept of co-living in Singapore," said Chong, pointing to the networking opportunities provided by communal areas and community events.
"The pandemic has spurred a new way to live and work. There is an increasing trend of digital nomads and self-starters preferring to work remotely, demanding novel experiences and opportunities to connect," said Norman Cross, head of lyf brand. "I wanted to try new things and didn't have time for house hunting," he said. "But I have lived by myself all my life and my little experiment with sharing [co-living spaces] was a failure."
According to data from Singapore's Urban Redevelopment Authority, rents for private homes rose by 6.7 per cent in the second quarter of this year compared to the same period last year. Rents for non-landed property, including condominiums, increased 7.1 per cent. Ella said one of her clients had rented a three-bedroom condominium apartment in the prime Bukit Timah area for $8,300 - 36 per cent more that the $6,100 the previous occupants paid.
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